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Chesapeake Looking to Sell Some Acreage in Ohio, Adviser Says

By Ben Lefebvre Chesapeake Energy Corp. (CHK) put large pieces of its holdings in Ohio oil fields up for sale Monday, assets that the cash-strapped company had said would yield some of the best oil it had drilled. The 337,000 net acres in the Utica and Pleasant Trend fields are the latest land holdings that Chesapeake has put up for sale as it tries to rein in $13 billion in long-term debt. The acres are in oil-rich fields, however, just as Chesapeake tries to focus its production away from natural gas, prices of which are only recently up from a decade's low. Chesapeake is selling the acres because the company is reducing its capital expenditure budget, according to documents the company sent Meagher Energy Advisors, an energy-asset-management firm. The changed budget is "altering the company's plans to develop all of its highly-prospective Utica acreage," Chesapeake said in the documents. Write to Ben Lefebvre at [email protected]

Stock News for Chesapeake (CHK)
DateTimeHeadline
02/23/201709:06:00Chesapeake Energy Revenue Falls on Cheaper Energy Prices
02/23/201707:00:00Chesapeake Energy Corporation Reports 2016 Full Year And Fourth...
02/14/201707:00:00Chesapeake Energy Corporation Provides 2017 Guidance And Operational...
02/13/201719:39:00Chesapeake Energy Settles With Estate of Former CEO -- Update
02/13/201716:20:00Chesapeake Energy Settles With Estate of Former CEO
02/01/201707:00:00Chesapeake Energy Corporation Provides 2016 Fourth Quarter And...
01/20/201716:30:00Chesapeake Energy Corporation Reinstates Payment Of Quarterly...
01/13/201703:02:00Foundation Battles Over Pledge -- WSJ
01/12/201711:43:00Ronald Reagan Foundation Pursuing Aubrey McClendon's Estate
01/05/201707:00:00Chesapeake Energy Corporation Announces Final Results Of Cash...
01/05/201707:00:00Chesapeake Energy Corporation Announces Final Results Of Cash...
12/26/201618:01:00Key Metric Likely Won't Reflect Oil Rally
12/22/201616:00:00Chesapeake Energy Corporation Announces Redemption Of 6.5% Senior...
12/20/201607:00:00Chesapeake Energy Corporation Announces Early Results Of Cash...
12/20/201607:00:00Chesapeake Energy Corporation Announces Agreement To Sell Second...
12/17/201603:02:00Chesapeake Pins Its Rebound On Massive Wells -- WSJ
12/15/201616:05:00Chesapeake Energy Pins Rebound on 'Supersize' Gas Well
12/15/201607:00:00Chesapeake Energy Corporation Announces Appointment Of Luke R...
12/06/201620:51:00Chesapeake Energy Corporation Announces Pricing And Upsizing...
12/06/201608:04:00Chesapeake Energy Corporation Announces Cash Tender Offers For...

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